Shares of US based biopharmaceutical firm Alumis tanked 56% during the trading session on Tuesday after the drug developer informed that its trial for envudeucitinib for the treatment of lupus erythematosus did not meet its primary and secondary endpoints.
Alumis shares tumbled as much as 56% after the opening bell to $9.59 per share. The scrip was trading 50.6% down at $10.76 apiece.
The company today announced that its Phase 2b LUMUS trial of envudeucitinib for the treatment of moderate-to-severe lupus erythematosus, a chronic autoimmune disease did not meet its primary and secondary endpoints in the overall trial population. The drugmaker assured that this trial supports a way forward for regulatory engagement on Phase 3 development.
Speaking on the drug trial failure, Dr. Jörn Drappa, Chief Medical Officer of Alumis said, “Although envudeucitinib did not meet its primary objective in the overall trial population, the magnitude of effect observed in the prespecified IFNGS-high subgroup is highly compelling in a disease with no targeted oral therapies currently available. We plan to engage regulators to discuss Phase 3 development for envudeucitinib.”
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